Hopkinsville City Council heard the monthly financial report at Tuesday’s meeting and discussed the impact the recent closure of Ebonite International will have on the city.
Chief Financial Officer Robert Martin says October was a good month for the budget, thanks to robust collection of property taxes— as it brought the available cash balance in the general fund up to $10.5 million.
Martin says the equivalent payroll tax for the year is down two tenths of a percent from last year, less than the 1 percent in growth they projected when making the budget, and the closure of Ebonite won’t help. Mayor Hendricks says the most important task is taking care of those employees affected by the shutdown, but he acknowledged it makes it less likely the city will meet revenue projections.
Martin predicts the budget will take an approximately $150,000 hit in payroll tax loss.
In other action, city council approved making the temporary four-way stop at Pyle Lane and Millbrooke Drive permanent on final reading. Also approved was an ordinance annexing portions of Windmill Farms, located north of I-24 and south of Miller Mill Road, into the city limits.
Multiple Trash for Cash recipients were recognized, and Phillip Ferguson was sworn in as a new Hopkinsville Fire Department Deputy Fire Chief.